Wisconsin native, conservative critic of everything.
"Once abolish the God, and the government becomes the God." ---G K Chesterton
"The only objective of Liberty is Life" --G K Chesterton
"Fallacies do not cease to be fallacies because they become fashions" --G K Chesterton
"A man can never have too much red wine, too many books, or too much ammunition." -- Rudyard Kipling

Sunday, March 08, 2009

More $Bns for Banks, Budget Contradictions

Mr. Obama indicated that the end was not in sight when it came to the economic crisis and suggested that he expected it could take another $750 billion to address the problem of weak and failing financial institutions beyond the $700 billion already approved.

Surprise!!

Is TALF part of the $750Bn? Or is this another "capital-stock" plan? Is that number an estimate of FDIC costs to close/liquidate weak banks?

More intriguing:

“I don’t think that people should suddenly mistrust all of our financial institutions.”

Umnnnhhh.....why did he say THAT?

On the economy:

“Our belief and expectation is that we will get all the pillars in place for recovery this year,” he said. “How long it will take before recovery actually translates into stronger job markets and so forth is going to depend on a whole range of factors.”

Mr. Obama’s uncertain forecast about when the economy will begin to rebound contrasted with the projections embedded in the budget he recently released.

That plan rested on the assumption that the economy would shrink by 1.2 percent this year, a projection that many economists, including some in his administration, consider overly optimistic because it implies the economy would bounce back in the second half of this year.